US Senators criticize Binance for alleged illegal activity

A bipartisan group of US senators have requested more information from Binance, a popular cryptocurrency exchange, about its business practices. The senators have requested copies of the company's balance sheets since 2017, figures around the number of US-based customers on its platforms, and any communications about alleged efforts by CEO Changpeng Zhao to limit compliance.

In response, a Binance spokesperson stated that the exchange is willing to help lawmakers understand why it remains “the most trusted platform with users across the globe.” The senators have asked for a response by March 16.

The call for additional information from Binance follows allegations of the exchange's business practices. It is yet unknown what the outcome of this inquiry will be and how it will affect the future of the company. As more information comes to light, we will have a better understanding of the situation. In the meantime, the exchange will continue to work with lawmakers to provide the information requested.


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